10101111Accounting 1--Principles
Course Information
Description
Introduction to the field of accounting. The accounting cycle of journalizing transactions, posting, adjusting and closing entries, as well as the preparation of accounting statements is emphasized for service industries and merchandising concerns. Details of accounting for cash, notes and interest, and inventories.
Total Credits
4
Prior Learning Assessment
  • Exam-College Developed Challenge Exam
Course Competencies
  1. Analyze financial transactions
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Identify business accounting transactions
    Identify accurate accounts and abbreviations
    Classify accounts as Assets, Liabilities, Owners' Equity, Revenue or Expense
    Explain how debits and credits increase or decrease the accounts
    You pass exam at a minimum of 70%

  2. Record transaction in general journal
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Journal entry is prepared in proper form
    Journal entries are accurate
    Recorded dollar amounts are accurate
    You pass exam at a minimum of 70%

  3. Record transactions in the ledgers
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Journal entries are posted into the ledger accounts
    Unadjusted trial balance is accurate, prepared neatly and in good form
    You pass exam at a minimum of 70%

  4. Prepare adjusting entries
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Explain why adjusting entries are necessary to provide accurate financial statements
    Convert cash expenses or revenues into the proper accrual basis amount
    Record the proper entry for an expense initially charged to a prepaid asset account
    Record the proper entry for a revenue initially recorded as an unearned revenue
    Identify and record unrecorded/accrued expenses
    Identify and record unrecorded/accrued revenues
    Record depreciation of plant and equipment accurately
    Identify and record reversing entries accurately
    You pass exam at a minimum of 70%

  5. Prepare closing entries
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Identify temporary accounts correctly
    Journalize the closing entries correctly
    Post the entries to the ledgers correctly
    Post-closing Trial Balance is accurate, prepared neatly and in good form
    You pass exam at a minimum of 70%

  6. Prepare an Income Statement
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Income Statement is prepared neatly and in good form
    Single-step Income Statement is prepared accurately
    Multi-step Income Statement is prepared accurately
    You pass the exam at a minimum of 70%

  7. Prepare a Statement of Owners' Equity
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Statement of Owners' Equity is prepared neatly and in good form
    Statement of Owners' Equity is prepared accurately
    You pass the exam at a minimum of 70%

  8. Prepare a classified balance sheet
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Balance sheet accurate, prepared neatly and in good form
    You pass the exam at a minimum of 70%

  9. Record merchandising activities
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Explain the difference between a periodic and perpetual inventory system
    Journal entries for the purchase and sale of merchandise inventory using both the periodic and perpetual methods are prepared accurately
    Use accurate dollar amounts
    Compute purchase and sales discounts
    Prepare the closing entries for a merchandising company
    You pass the exam at a minimum of 70%

  10. Apply the major inventory valuation methods
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Explain the difference between a periodic and perpetual inventory system
    Explain the difference between the major inventory valuation methods and the impact on cost flows including FIFO, LIFO, and Weighted Average for both perpetual and periodic inventory system
    Apply both the retail inventory and gross profit methods to estimate inventory
    Use accurate dollar amounts
    You pass the exam at a minimum of 70%

  11. Apply internal controls to cash
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Describe the major internal controls relating to cash and their importance
    Record petty cash transactions
    Prepare a neat and accurate Bank Reconciliation Statement
    Use Gross and Net methods of recording merchandise purchase transactions
    You pass the exam at a minimum of 70%

  12. Record accounts receivable transactions
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Apply the allowance method to account for Accounts Receivable
    Estimate uncollectibles using methods based on Sales and Accounts Receivable
    Journal entries to account for bad debts are prepared accurately
    Use accurate dollar amounts
    You pass the exam at a minimum of 70%

  13. Record notes receivable transactions
    Assessment Strategies
    Written Product and/or Exam
    Criteria
    Record receipt of notes receivable
    Compute and record the accrual of interest
    Record receipt of and payment on notes receivable
    Record the honoring and dishonoring of a note receivable
    Use accurate dollar amounts
    You pass the exam at a minimum of 70%